Carolina Bank Holdings (CLBH) has reported 8.91 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $1.56 million, or $0.31 a share in the quarter, compared with $1.44 million, or $0.29 a share for the same period last year.
Revenue during the quarter went up marginally by 0.02 percent to $9.08 million from $9.08 million in the previous year period. Net interest income for the quarter rose 0.19 percent over the prior year period to $5.90 million. Non-interest income for the quarter fell 12.61 percent over the last year period to $3.18 million.
Net interest margin contracted 14 basis points to 3.60 percent in the quarter from 3.74 percent in the last year period. Efficiency ratio for the quarter deteriorated to 73.22 percent from 72.94 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
Robert T. Braswell, President and chief executive officer, commented, "I am pleased with our progress in building and improving our relationships with customers as evidenced by our growth in loans and non-interest-bearing deposits during the third quarter. We have also gained momentum in originating and selling SBA loans during 2016 and have continued to improve our credit quality."
Assets outpace liabilities growthTotal assets stood at $708.89 million as on Sep. 30, 2016, up 2.89 percent compared with $688.97 million on Sep. 30, 2015. On the other hand, total liabilities stood at $643.32 million as on Sep. 30, 2016, up 2.30 percent from $628.88 million on Sep. 30, 2015.
Loans outpace deposit growthNet loans stood at $497.46 million as on Sep. 30, 2016, up 8.54 percent compared with $458.32 million on Sep. 30, 2015. Deposits stood at $601.48 million as on Sep. 30, 2016, up 0.84 percent compared with $596.49 million on Sep. 30, 2015.
Investments stood at $55.49 million as on Sep. 30, 2016, down 13.72 percent or $8.83 million from year-ago. Shareholders equity stood at $65.57 million as on Sep. 30, 2016, up 9.10 percent or $5.47 million from year-ago.
Return on assets moved up 4 basis points to 0.87 percent in the quarter from 0.83 percent in the last year period. At the same time, return on equity was stable at 9.59 percent in the quarter, when compared with the last year period.
Meanwhile, nonperforming assets to total assets was 1.17 percent in the quarter, down from 2.04 percent in the last year period.
Book value per share was $13 for the quarter, up 7.97 percent or $0.96 compared to $12.04 for the same period last year.
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